CPA Practice

JULY 22, 2024

New research by international telecommunications provider TollFreeForwarding.com reveals that accounting and tax is the second-happiest industry to work in. The Los Angeles-based company analyzed Glassdoor review data for 200 companies across 10 industries and ranked them based on the following six criteria: Culture and values Diversity and inclusion Work-life balance Compensation Career opportunities Senior management satisfaction Each industry was scored on a scale of 1 to 100 for each categor

Construction 124

Construction Account accounted accountant 124

Going Concern

JULY 23, 2024

Be aware, audit firms. The PCAOB is sniffing around about your use of generative AI according to a Spotlight they just released [ PDF ]. Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.

audit 119

audit financial statements accounting standards Legal 119

Accounting Insight

JULY 22, 2024

The annual accounting trends survey, conducted by Caseware over the last three years, has become a valuable source of data, helping us to gain insight into what’s on the road ahead for the profession. By tracking the same questions over the years, we are able to gain a valuable comparative study and a clearer understanding of the current trends and developments playing out.

Account 104

Account accounted accountant audit 104

Accounting Today

JULY 24, 2024

The CPA industry is undergoing profound change, reshaping the landscape of professional services.

cpa firm 138

cpa firm CPA 138

Speaker: Melissa Hurrington

Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.

Finance

CPA Practice

JULY 22, 2024

Traditional accounting roles are evolving, now more than ever, as client needs change. Ask ten of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues. And, to some degree, these people are correct. Certified public accountants know a lot about numbers, they analyze them, forecast them, and “crunch them,” but over 50% of firms now offer client advisory services and have become strategic partners with clients.

Account 130

Account accounted accountant Technology 130

AccountingDepartment

JULY 23, 2024

In today's competitive business landscape, staying ahead of the competition requires more than just a great product or service. Entrepreneurs, small business owners, and financial analysts must focus on tracking key financial metrics to ensure their company's growth and financial health.

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Summit CPA

JULY 23, 2024

Operations professionals face countless decisions, especially around personnel: When is it time to hire? What position should we prioritize? How many contracts do we have to sign to justify the hire?

CPA 52

CPA Account accountant accounted 52

CPA Practice

JULY 24, 2024

During a keynote speech on leadership at the Tri-Merit Bridging the Gap 2024 conference on July 24, Koltin Consulting Group CEO Allan Koltin asked those in attendance if they watch the show Ted Lasso. A majority of the people in the room at the Loews Chicago O’Hare Hotel in Rosemont, IL, raised their hands. “I’ve got to tell you, it’s one of the greatest television shows on leadership that I’ve ever seen,” Koltin said.

accounting firms 52

accounting firms Account accounted accountant 52

FraudFiles

JULY 25, 2024

One of the hot things in the area of divorce, especially for high net worth clients, is using a law firm that has forensic accountants on staff. Sometimes the divorce attorneys themselves have credentials in the area of forensic accounting, such as a CPA license, CFE (Certified Fraud Examiner) credential, or CFF (Certified in Financial [.

forensic accounting 52

forensic accounting Account accounted accountant 52

TaxConnex

JULY 23, 2024

The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale. Today, more and more companies have an obligation to charge sales tax, and use tax is less of an issue.

audit 264

audit auditor Sales Tax 264

Speaker: Yohan Lobo

In the accounting world, staying ahead means embracing the tools that allow you to work smarter, not harder. Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. Dive into the strategies and innovations transforming accounting practices.

Account

RogerRossmeisl

JULY 22, 2024

(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack against CDK, the IRS is warning individuals and businesses to remain vigilant against these attacks.

CPA 234

CPA cpa firm business tax Tax 234

BurklandAssociates

JULY 23, 2024

It’s not just hackers taking notice. Customers, partners, investors, regulators, and insurers are all keeping a close eye on your cybersecurity controls. The post Why Cybersecurity is an Essential Investment in Your Startup’s Future appeared first on Burkland.

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CPA Practice

JULY 26, 2024

The IRS on July 26 provided five additional red flags of incorrect Employee Retention Credit (ERC) claims by businesses, as the agency continues to scrutinize requests for the pandemic-era tax credit. The new warning signs come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims. These five red flags are in addition to seven problem areas the IRS highlighted last March.

payroll 131

payroll Government Tax 131

Accounting Today

JULY 25, 2024

The Internal Revenue Service reported further progress on offering more online tools and expanded taxpayer service.

online accounting 131

online accounting Account accounted accountant 131

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accounting and finance

RogerRossmeisl

JULY 22, 2024

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the IRS.

CPA 206

CPA business tax Tax 206

Withum

JULY 24, 2024

Becoming a partner in a law firm is a significant milestone, but it also comes with important financial considerations. Let’s explore some key points related to new law firm partners and their tax situation: Tax Implications for New Law Firm Partners Switch from W-2 to K-1 Taxation: Upon elevation to partner, there could be a switch from being a W-2 employee to receiving a K-1 to report income to you.

tax planning 126

tax planning Tax tax return CPA 126

Going Concern

JULY 22, 2024

I dug through my screenshot folder earlier today when I saw this article on Journal of Accountancy because I could have sworn I had dozens of well-written Reddit comments from years ago suggesting this is where the profession was headed (including responses calling them paranoid) but alas, I came up empty handed. Anyway, this became effective on July 1: The AICPA and the National Association of State Boards of Accountancy (NASBA) announced an expansion of international testing availability of th

CPA 122

CPA cpas Education Account 122

Accounting Today

JULY 22, 2024

Test your accounting knowledge on chief AI officers, Operation Hidden Treasure, and more. No. 2 pencil not required!

Account 130

Account accounted accountant 130

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Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, emails, and shared drives no longer need to slow you down. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Technology

RogerRossmeisl

JULY 21, 2024

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved charity out of your IRA.

CPA 180

CPA Tax 180

CPA Practice

JULY 23, 2024

Investors, accounting firms, and other stakeholders have until Oct. 21 to provide comments on a new proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB) on Tuesday that aims to clarify rules on derivative accounting. Because of the broad interpretation of the definition of a derivative in Topic 815, Derivatives and Hedging , many types of contracts are being evaluated and potentially accounted for as derivatives, the FASB said.

Account 122

Account accounted accountant accounting principles 122

Withum

JULY 24, 2024

Rev up for the Summer 2024 issue of Dealer Vision! This newsletter is fueled with insights to drive your dealership in the right direction. Learn more about the latest on warranty reimbursement laws, work-in-process reconciliation, and tips for managing your dealership’s assets, especially cash. Inside This Issue Warranty Reimbursement Laws – It’s Time for an Update The Mystery of Work-In-Process Cash Is Still King Download PDF View Interactive Newsletter CDK Insights Recap Do

Sales 119

Sales accounted Account accountant 119

Accounting Today

JULY 26, 2024

The Internal Revenue Service isn't in full compliance with the federal government's guidance for removal of TikTok from devices, according to a new report, but mainly because it hasn't been inserting the requirement in all its contract actions.

Maine 129

Maine Government Tax 129

Speaker: Susan Richards

Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.

Account

RogerRossmeisl

JULY 21, 2024

If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. Note: There are different rules for property held primarily for sale to customers in the ordinary course of business, intellectual property, low-income housing,

Tax 180

Tax CPA Sales business tax 180

CPA Practice

JULY 26, 2024

By Anthony G. Attrino, nj.com (TNS) A woman who worked as an accountant for a New Jersey company was sentenced Monday to more than three years in prison and ordered to pay $3.8 million in fines for charging millions in personal expenses on her employer’s credit card. Jennifer Vandever, 51, of Atco, was also sentenced in federal court in Camden County to three years of supervised release, according to a spokesman for the Internal Revenue Service’s criminal investigations unit.

New Jersey 119

New Jersey income tax Account accounted 119

Withum

JULY 24, 2024

Explore Other Episodes #CivicWarriors #WithumImpact The post Fundraising Home Runs With Dana-Farber Cancer Institute and the Jimmy Fund appeared first on Withum.

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Accounting Today

JULY 23, 2024

Individuals and businesses in the affected counties now have until next Feb. 3 to file various federal individual and business tax returns and make tax payments.

Texas 128

Texas Tax tax return business tax 128

Speaker: Danny Gassaway and Wayne Richards

Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging technology to drive productivity and cost savings. So, how do you make the case for automation within your organization?

AP Automation

RogerRossmeisl

JULY 21, 2024

Summer is a great time for business owners to review their estate plans. Maybe your kids are home for summer break, so they’re top of mind. Or perhaps you’re vacationing with relatives or getting together for a backyard BBQ. Whatever the reason you’re spending time with your family, consider having an open discussion with them about your estate planning goals — and how your business fits in your overall plan.

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CPA Tax 177

CPA Practice

JULY 22, 2024

By Bruce Crumley, Inc. (TNS) The Supreme Court has issued a number of controversial decisions in its most recent term. But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. The generally overlooked high court decision in Connelly v.

Tax 119

Tax Legal Florida audit 119

Going Concern

JULY 25, 2024

We’ve made the editorial decision not to use the PwC Chad image for this article even though that would be ironically funny. In a lawsuit filed on July 22, former PwC principal, FinTech magazine top woman in fintech, and 55-year-old Asian-American Nina Owens alleges that she was ousted from the firm one day before her five-year anniversary “that would have afforded her greater job protection and full vesting of her 401(k) account.” This despite exceeding revenue targets and hig

New York 111

New York CPA Account accounted 111

Accounting Today

JULY 22, 2024

There is a tendency to keep the clients we have, whether they are overgrown or not, or whether or not they still fit.

Account 126

Account accounted accountant 126

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

payroll